ECB rate decision: how the European Central Bank moves the euro

The ECB rate decision is the moment the European Central Bank sets the interest rates for the whole euro area, and the rate that counts is the deposit facility rate. It is the biggest scheduled event for the euro, and the currency often moves more on what the President says at the press conference half an hour later than on the decision itself.

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By Mike. Explanation updated 2 Oct 2026; the dates and moves below update with the research.

ECB rate decision in short

Next release: Thursday, 29 October 2026At the usual time, see below. The exact moment appears here in the week itself.
Published by: European Central Bank
When: Eight times a year, on the second day of a two-day meeting of the Governing Council. The decision comes out at 14:15 Frankfurt time and the press conference starts at 14:45. Frankfurt and Amsterdam share a clock, so those are the Amsterdam times all year round.
Currency: Euro (EUR)
Impact: High: one of the releases that can move the currency on its own
What is decided: Three key rates; the deposit facility rate is the one that steers policy
Who decides: The Governing Council of the European Central Bank
Mandate: Price stability, defined as 2% inflation over the medium term on the euro area HICP
Comes with: A press conference at 14:45, staff projections four times a year, and an account of the meeting about four weeks later

What the ECB rate decision contains

The ECB sets three key rates: the deposit facility rate, the rate on the main refinancing operations and the rate on the marginal lending facility. In March 2024 the Governing Council confirmed that it steers its policy through the deposit facility rate. That is the rate banks earn on money they leave overnight with the Eurosystem, and it is the number the market quotes as the ECB rate.

The decision is published as a press release at 14:15. At 14:45 the President explains the reasoning at a press conference and answers questions, and that hour is where the market looks for hints about the next meeting.

Four times a year, in March, June, September and December, the decision comes with new staff projections for growth and inflation. At those meetings the market reads the inflation path in the projections next to the rate itself.

Why the ECB rate decision moves the euro

A higher deposit rate makes holding euros pay more, which draws money in. A lower one does the opposite.

Most decisions are priced well in advance. What moves the euro is the part that was not: a change in tone, a sentence about inflation that adds a worry or drops one, or projections that shift the path for the meetings after.

Much of the euro's trading is against the dollar, so the gap between the ECB's path and the Federal Reserve's path often decides which way EUR/USD goes after a meeting.

How to read an ECB decision

Start with what was priced the day before. A cut that was fully expected but comes with a firm message can lift the euro, because the market hears that further cuts are less likely.

Then read the statement for the words on inflation against the 2% target. The ECB says it decides meeting by meeting and does not commit in advance to a rate path, so a small change in wording carries weight.

The press conference often decides the move of the day, and the first reaction at 14:15 is not always the one that lasts. About four weeks later the account of the meeting shows how wide the debate in the Council was.

What the Euro did on the last release days

Our calendar keeps the exact time of each release since 16 September 2026. The first ECB rate decision after that date will show here with the Euro's move around it.

For scale: on an ordinary day the Euro moves 0.11% against the basket from one London opening to the next, either way, on average over the 250 trading days since 14 Oct 2025.

The forecast, the figure itself and what it changed in our view of the currency are in the app, next to the research.

Questions about the ECB rate decision

What time is the ECB rate decision?

At 14:15 Frankfurt time, which is also 14:15 in Amsterdam and 13:15 in London. The press conference with the ECB President starts at 14:45. The euro area and the UK change their clocks on the same days, so these times hold all year.

Which ECB rate matters most?

The deposit facility rate. It is the rate banks get for money they leave overnight with the Eurosystem, and the ECB uses it to steer its policy. The main refinancing rate and the marginal lending rate are set at the same time.

How often does the ECB meet on interest rates?

Eight times a year, about every six weeks. Each monetary policy meeting runs over two days, with the decision and the press conference on the second day.

What is the ECB's inflation target?

2% over the medium term, measured by the Harmonised Index of Consumer Prices for the euro area. The ECB calls the target symmetric: it sees inflation below 2% as just as unwelcome as inflation above it.

Why can the euro fall after the ECB raises rates?

Because the hike was already priced and the message around it was softer than the market had hoped. A currency moves on what changes in the outlook, and a hike that sounds like the last one lowers the expected path of rates.